olivLaw · US equity research
AMCON Distributing Company DIT
Wholesale-Groceries, General Line · SIC 5141 · Vertical: Wholesale — nondurable goods (SIC 514x)
AMCON Distributing is a wholesale distributor of consumer products to convenience stores in 34 states, with a smaller health food retail division. The company reported improved quarterly earnings recently, but margins stay thin and revenue depends heavily on cigarette sales.
At the close of 04 Nov 2026, AMCON Distributing Company (DIT) stock was 60.90 USD (+1.55% on the day), with market capitalisation 59.4 m USD, P/E 66.2 on diluted EPS of 0.92 USD over the last 12 months, dividend yield 1.74%, beta 0.31, 52-week range 59.97–95.59 USD. Latest reported quarter (Q3 2026): revenue of 835.3 m USD (+12.9% YoY), net income of 2.7 m USD (+103.8% YoY), diluted EPS 2.85 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 43.6
- weak (30–45)
- Bollinger (20, 2)
- 58.67 – 64.87
- in the lower half of the band · %B 0.36 · band width 10.0%
- SMA 50 / 200
- 64.83 / 74.71
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -1.16 / -1.28
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −10.1% | −1.1% | −9.0 pp | — |
| 3 months | −11.6% | −0.5% | −11.1 pp | — |
| 6 months | −31.8% | +4.4% | −36.2 pp | — |
| Year to date | −17.6% | +12.3% | −29.9 pp | — |
| 1 year | −22.6% | +13.5% | −36.1 pp | +12.9% |
| 3 years | −53.2% | +76.4% | −129.6 pp | +37.5% |
| 5 years | −28.7% | +63.7% | −92.3 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 746.3 m | 711.3 m | 619.5 m | 739.6 m | 746.3 m | 730.1 m | 715.7 m | 835.3 m |
| Cost of revenue | 697.5 m | 664.4 m | 576.5 m | 690.0 m | 697.6 m | 682.0 m | 672.2 m | 785.5 m |
| Gross profit | 48.8 m | 46.9 m | 43.0 m | 49.6 m | 48.7 m | 48.0 m | 43.5 m | 49.8 m |
| SG&A | 41.0 m | 40.6 m | 40.1 m | 42.5 m | 42.6 m | 41.6 m | 41.4 m | 43.0 m |
| Operating income | 5.2 m | 3.7 m | 461.9 k | 4.9 m | 3.6 m | 3.9 m | -384.7 k | 6.2 m |
| Depreciation & amortisation | 2.6 m | 2.6 m | 2.5 m | 2.2 m | 2.5 m | 2.5 m | 2.5 m | 2.3 m |
| Interest expense | 3.0 m | 2.8 m | 2.3 m | 2.7 m | 2.7 m | 2.7 m | 2.2 m | 2.6 m |
| Pre-tax income | 2.0 m | 740.4 k | -2.0 m | 2.1 m | 735.7 k | 1.0 m | -2.6 m | 3.7 m |
| Income tax | 794.1 k | 392.0 k | -431.0 k | 790.0 k | 244.0 k | 245.0 k | -427.0 k | 1.0 m |
| Net income | 1.2 m | 348.4 k | -1.6 m | 1.3 m | 491.7 k | 793.0 k | -2.2 m | 2.7 m |
| Diluted EPS | 2.03 ≈ | 0.57 | -1.72 | 1.42 | — | 1.28 | -2.34 | 2.85 |
| Operating cash flow | 41.0 m | -39.9 m | 34.4 m ≈ | -7.0 m ≈ | 31.1 m | -11.7 m | 13.7 m ≈ | -17.9 m ≈ |
| Capex | 3.6 m | 3.5 m | 3.0 m ≈ | 1.8 m ≈ | 764.4 k | 678.4 k | 8.7 m ≈ | 2.4 m ≈ |
| Dividends paid | 113.5 k | 116.2 k | 296.9 k ≈ | 116.2 k ≈ | 116.2 k | 117.1 k | 303.3 k ≈ | 117.1 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 35-quarter history (min 3.4, median 8.9, max 31.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.3 bn | 1.4 bn | 1.5 bn | 1.7 bn | 2.0 bn | 2.5 bn | 2.7 bn | 2.8 bn |
| Revenue YoY | +3.7% | +5.3% | +9.3% | +9.9% | +20.2% | +26.3% | +6.7% | +3.9% |
| Net income | 3.6 m | 3.2 m | 5.5 m | 15.5 m | 16.7 m | 11.6 m | 4.3 m | 568.7 k |
| Net income YoY | +22.5% | −11.4% | +73.0% | +180.5% | +7.2% | −30.4% | −62.6% | −86.9% |
| Diluted EPS | 5.38 | 5.25 | 9.76 | 27.36 | 28.59 | 19.46 | 7.15 | 0.92 |
| Diluted EPS YoY | +26.3% | −2.4% | +85.9% | +180.3% | +4.5% | −31.9% | −63.3% | −87.1% |
| net % | 0.3% | 0.2% | 0.4% | 0.9% | 0.8% | 0.5% | 0.2% | 0.0% |
| Free cash flow | 2.7 m | -15.9 m | 11.8 m | 19.4 m | 8.2 m | 8.2 m | 47.4 m | 9.7 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 30 Sept 2025
- Cash
- 744.6 k USD
- Financial debt
- 16.5 m USD
- Net debt
- 15.8 m USD
- Equity
- 113.1 m USD
- Total assets
- 391.1 m USD
- Debt / equity
- 0.15x
- Current ratio
- 2.14x
- ROE
- 0.5%
- ROA
- 0.1%
- FCF margin
- 0.3%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.5 bn | 1.7 bn | 2.0 bn | 2.5 bn | 2.7 bn | 2.8 bn | SEC (XBRL)· 07 Nov 2025verified |
| Cost of revenue | 1.4 bn | 1.6 bn | 1.9 bn | 2.4 bn | 2.5 bn | 2.6 bn | SEC (XBRL)· 07 Nov 2025verified |
| Gross profit | 87.7 m | 100.5 m | 127.7 m | 170.8 m | 182.4 m | 188.2 m | SEC (XBRL)· 07 Nov 2025verified |
| SG&A | 75.1 m | 79.6 m | 101.5 m | 137.3 m | 154.9 m | 165.8 m | SEC (XBRL)· 07 Nov 2025verified |
| Operating income | 9.1 m | 17.8 m | 22.6 m | 26.0 m | 18.0 m | 12.6 m | SEC (XBRL)· 07 Nov 2025verified |
| Depreciation & amortisation | 3.1 m | 3.1 m | 3.6 m | 7.6 m | 9.5 m | 9.8 m | SEC (XBRL)· 07 Nov 2025verified |
| EBITDA | 12.2 m ≈ | 20.9 m ≈ | 26.2 m ≈ | 33.5 m ≈ | 27.5 m ≈ | 22.4 m ≈ | SEC (XBRL)· 07 Nov 2025derived |
| Interest expense | 1.7 m | 1.3 m | 2.2 m | 8.6 m | 10.4 m | 10.4 m | SEC (XBRL)· 07 Nov 2025verified |
| Pre-tax income | 7.5 m | 16.7 m | 21.5 m | 17.3 m | 7.5 m | 1.6 m | SEC (XBRL)· 07 Nov 2025verified |
| Income tax | 2.1 m | 4.5 m | 6.5 m | 5.7 m | 3.1 m | 995.0 k | SEC (XBRL)· 07 Nov 2025verified |
| Net income | 5.5 m | 15.5 m | 16.7 m | 11.6 m | 4.3 m | 568.7 k | SEC (XBRL)· 07 Nov 2025verified |
| Diluted EPS | 9.76 | 27.36 | 28.59 | 19.46 | 7.15 | 0.92 | SEC (XBRL)· 07 Nov 2025verified |
| Weighted average diluted shares | 568.0 k | 568.1 k | 583.1 k | 595.9 k | 606.8 k | 616.5 k | SEC (XBRL)· 07 Nov 2025verified |
| Dividend per share | 1.00 | 5.72 | 5.72 | 5.72 | 1.00 | 1.00 | SEC (XBRL)· 07 Nov 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 661.2 k | 519.6 k | 431.6 k | 790.9 k | 672.8 k | 744.6 k | SEC (XBRL)· 07 Nov 2025verified |
| Receivables | 34.3 m | 35.8 m | 62.4 m | 70.9 m | 70.7 m | 73.2 m | SEC (XBRL)· 07 Nov 2025verified |
| Inventories | 99.0 m | 95.2 m | 134.7 m | 158.6 m | 144.3 m | 153.3 m | SEC (XBRL)· 07 Nov 2025verified |
| Current assets | 136.0 m | 136.6 m | 211.0 m | 245.7 m | 229.1 m | 239.5 m | SEC (XBRL)· 07 Nov 2025verified |
| Property, plant & equipment, net | 17.5 m | 16.0 m | 48.1 m | 80.6 m | 106.0 m | 107.8 m | SEC (XBRL)· 07 Nov 2025verified |
| Goodwill | 4.4 m | 4.4 m | 5.3 m | 5.8 m | 5.8 m | 5.8 m | SEC (XBRL)· 07 Nov 2025verified |
| Intangibles (excl. goodwill) | 500.0 k | 500.0 k | 2.1 m | 5.3 m | 4.7 m | 4.2 m | SEC (XBRL)· 07 Nov 2025verified |
| Total assets | 188.0 m | 188.4 m | 289.1 m | 363.4 m | 374.1 m | 391.1 m | SEC (XBRL)· 07 Nov 2025verified |
| Accounts payable | 22.1 m | 24.2 m | 40.0 m | 43.1 m | 54.5 m | 69.5 m | SEC (XBRL)· 07 Nov 2025verified |
| Short-term debt | 516.9 k | 561.2 k | 1.6 m | 2.0 m | 5.2 m | 5.5 m | SEC (XBRL)· 07 Nov 2025verified |
| Long-term debt | 2.6 m | 5.1 m | 7.4 m | 11.7 m | 16.6 m | 11.0 m | SEC (XBRL)· 07 Nov 2025verified |
| Current liabilities | 41.9 m | 47.1 m | 72.0 m | 76.6 m | 93.2 m | 112.1 m | SEC (XBRL)· 07 Nov 2025verified |
| Equity | 64.8 m | 77.6 m | 92.8 m | 104.2 m | 111.7 m | 113.1 m | SEC (XBRL)· 07 Nov 2025verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 15.2 m | 20.9 m | 22.9 m | 19.7 m | 67.9 m | 18.7 m | SEC (XBRL)· 07 Nov 2025verified |
| Capex | 3.4 m | 1.5 m | 14.7 m | 11.6 m | 20.4 m | 9.0 m | SEC (XBRL)· 07 Nov 2025verified |
| Free cash flow | 11.8 m ≈ | 19.4 m ≈ | 8.2 m ≈ | 8.2 m ≈ | 47.4 m ≈ | 9.7 m ≈ | SEC (XBRL)· 07 Nov 2025derived |
| Investing cash flow | -13.3 m | -1.5 m | -14.4 m | -66.3 m | -42.1 m | -15.0 m | SEC (XBRL)· 07 Nov 2025verified |
| Financing cash flow | -1.6 m | -19.6 m | -8.6 m | 46.9 m | -25.9 m | -3.6 m | SEC (XBRL)· 07 Nov 2025verified |
| Dividends paid | 594.7 k | 3.4 m | 3.4 m | 3.5 m | 630.4 k | 645.5 k | SEC (XBRL)· 07 Nov 2025verified |
| Share repurchases | 2.0 m | 5.7 k | — | 404.9 k | — | 1.1 m | SEC (XBRL)· 07 Nov 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 58 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 59.4 m USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet50
- Valuation73
- Quality52
- Growth50
- Returns66
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 13.14 – 323.37 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)146.70 – 232.64 (Mid 179.64)WACC 8.9% · starting FCFF 9.1 m USD · terminal value share of EV 75%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -29.3%
- Peers: EV/EBITDA207.03 – 323.37 (Mid 269.35)5 companies used · median multiple 11.5x · quartiles 8.9x – 13.8xCHEF, DPZ, SYY, UNFI, USFD
- Peers: P/E36.63 – 73.35 (Mid 62.28)7 companies used · median multiple 33.8x · quartiles 19.9x – 39.8xCHEF, DPZ, PFGC, RAVE, SYY, UNFI, USFD
- Dividend discount (DDM)13.14 – 17.67 (Mid 15.07)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 58/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 7.0% | 40 (vs peers) | 10% |
| Net margin · Quality | 0.1% | 22 (vs peers) | 6% |
| FCF conversion · Quality | 151.7% | 100 (on a fixed band) | 6% |
| Revenue CAGR 3Y · Growth | 11.9% | 99 (on a fixed band) | 8% |
| EPS CAGR 3Y · Growth | -68.2% | 0 (on a fixed band) | 8% |
| Net debt / EBITDA · Balance sheet | 0.2x | 60 (vs peers) | 10% |
| Interest coverage · Balance sheet | 1.3x | 0 (on a fixed band) | 6% |
| Current ratio · Balance sheet | 2.7x | 100 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 33.1x | 57 (vs peers) | 10% |
| EV/EBITDA · Valuation | 2.7x | 100 (vs peers) | 10% |
| FCF yield · Valuation | 4.6% | 57 (on a fixed band) | 8% |
| Shareholder yield (distributions) · Returns | 3.0% | 43 (on a fixed band) | 6% |
| Payout ratio (FCF) · Returns | 24.0% | 100 (on a fixed band) | 4% |
Score groups
- Balance sheet50/100 · 3/3 factors with a value
- Growth50/100 · 2/2 factors with a value
- Quality52/100 · 3/3 factors with a value
- Returns66/100 · 2/2 factors with a value
- Valuation73/100 · 3/3 factors with a value
Memo
AMCON DISTRIBUTING CO (DIT). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 2.8 bn USD in 2025; YoY growth 3.9%; net margin 0.1%; ROE 1.6%; net debt/EBITDA 0.2x.
The estimated value range is 91.67–153.00 USD per share (median of 4 methods, agreement: low); assumptions are illustrative. Against the central value of 120.96 USD, the price of 60.90 USD leaves a potential of 98.6% (value / price − 1) and a margin of safety of 49.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 58/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 151.7%
- Revenue CAGR 3Y: 11.9%
- Current ratio: 2.7x
- EV/EBITDA: 2.7x
- Payout ratio (FCF): 24.0%
- The price is below the estimated value range
What contradicts it
- Net margin: 0.1%
- EPS CAGR 3Y: -68.2%
- Interest coverage: 1.3x
- The valuation methods diverge
Versus the vertical median
Wholesale — nondurable goods (SIC 514x) · same industry group (3-digit SIC) · compared with 9 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| SYYSysco Corporation | 37.9 bn | 20.5 | 59.1% | 2.1% | +3.9% | +1% / +7% |
| USFDUs Foods Holding Corp. | 23.8 bn | 33.8 | 16.4% | 1.8% | +4.1% | +40% / +151% |
| PFGCPerformance Food Group Company | 17.3 bn | 43.7 | 8.2% | 0.6% | +7.2% | +13% / +68% |
| DPZDomino’s Pizza, Inc. | 11.2 bn | 19.3 | — | 11.9% | +5.0% | −19% / −13% |
| CHEFChefs’ Warehouse, Inc. | 4.6 bn | 46.5 | 16.2% | 2.3% | +9.4% | +74% / +297% |
| UNFIUnited Natural Foods, Inc. | 2.9 bn | 36.0 | 5.3% | 0.3% | −2.0% | +29% / +232% |
| HFFGHf Foods Group Inc. | 80.3 m | — | -15.5% | -2.8% | +2.2% | −41% / −69% |
| DITAmcon Distributing Co | 59.4 m | 33.1 | 1.6% | 0.1% | +3.9% | −23% / −53% |
| RAVERave Restaurant Group, Inc. | 31.1 m | 11.0 | 18.3% | 22.3% | +7.2% | −31% / −4% |
| MWYNMarwynn Holdings, Inc. | 27.7 m | — | -54.7% | -24.7% | +427.5% | +59% / unavailable |
1- and 3-year price returns: for DIT from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 38.67 Total return -34% · Per year -34% | 68.14 Total return 15% · Per year 15% | 102.33 Total return 72% · Per year 72% |
| 3 years | 43.31 Total return -21% · Per year -7% | 85.31 Total return 51% · Per year 15% | 139.82 Total return 144% · Per year 35% |
| 5 years | 48.51 Total return -6% · Per year -1% | 106.80 Total return 97% · Per year 15% | 191.03 Total return 242% · Per year 28% |
- Exit P/E± 21.33
- Net margin± 14.93
- Annual revenue growth± 11.44
- Annual dilution± 1.25
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
AMCON Distributing is a wholesale distributor of consumer products to convenience stores in 34 states, with a smaller health food retail division. The company reported improved quarterly earnings recently, but margins stay thin and revenue depends heavily on cigarette sales 123.
SWOT
Strengths
- The company has broad geographic coverage and is considered one of the largest distributors in its region, giving it scale advantages 12.
- A wide product range and marketing and merchandising services for customers are strengths against smaller competitors 1.
- The retail division earns a much higher gross margin than the wholesale segment, diversifying profitability 1.
Weaknesses
Opportunities
- Expansion into new regions and acquisitions of smaller distributors could strengthen market position 12.
- Investment in foodservice and technology could create differentiation from competitors over the long term 2.
- Real estate optimization, such as selling facilities, could free capital for investment 2.
Risks
- Cigarette dependencehigh
A large share of sales comes from cigarettes, a declining category, and falling demand could weigh on results 1.
- FDA regulationhigh
Possible bans or restrictions on tobacco and vaping products could sharply reduce distributor revenue 12.
- Thin marginsmedium
Gross margin is only a few percent, so cost increases that cannot be passed on could quickly reduce profit 12.
- Debt and interest ratesmedium
Credit facilities carry variable SOFR-based costs, and higher rates or refinancing on weaker terms could affect cash flow 12.
- Customer consolidationlow
Consolidation in the convenience industry could lead to loss of large customers if an acquirer uses another distributor 1.
Investment thesis
What would need to be true (bull case)
- If geographic expansion and foodservice investment translate into higher volumes, profitability could improve meaningfully 23.
- Being the third largest convenience distributor could attract manufacturers and chains that seek broad coverage 2.
- Selling facilities and careful liquidity management could support cash generation in harder periods 23.
What would break the thesis
- If cigarette demand declines faster, revenue and margins could fall more quickly than new categories compensate 1.
- Very thin margins leave little room for inflationary pressure, and net profit could stay low 12.
- If FDA rules expand, the company could be forced to scale back its distribution operations significantly 12.
What to watch
- Gross margin and operating profit trend in the wholesale segmentQ4 2026
- FDA decisions on menthol cigarettes and vaping products2027
- Refinancing terms of the credit facilities2027
- Integration results of new distribution centers in the annual reportnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
AMCON Distributing Company, incorporated in Delaware, serves customers in 34 states through two segments: wholesale distribution and natural health food retail. The wholesale segment, including Team Sledd and Henry's Foods, distributes over 20000 products and serves about 8500 retail outlets, ranking as the third largest convenience store distributor by territory 1. The retail division operates 15 health food stores in the Midwest and Florida 13.
In fiscal 2025, total sales were 2816.7 million dollars, up from the prior year, and gross profit percentage stayed at 6.7% 1. In the third quarter of fiscal 2026, the company reported diluted earnings per share of 2.85 dollars, while quarterly wholesale revenue was 824.7 million dollars 3. The company also sells its own private label water, candy and batteries but has no long-term supplier contracts 1.
The company finances operations through credit facilities with combined capacity of 305.0 million dollars, with an average interest rate of 5.73% in September 2025 1. During fiscal 2025 growth was supported by the Arrowrock acquisition and a new distribution center in Colorado City 1.
Segments
Market context
The US wholesale distribution market for convenience stores is fragmented, with a few large distributors and many regional or private operators 1. Demand is seasonal and rises in warm months when store traffic is higher 1.
The market is shaped by excise tax increases on cigarettes and tobacco that states impose more often, and by FDA rules that could limit the sale of certain products 12. Cigarette demand is declining, which could reduce revenue if the trend continues 1.
Trends
- Declining cigarette demandheadwind
Cigarette demand is falling due to higher prices, taxes and advertising restrictions, and this category makes up much of revenue 1. If the trend continues, revenue and liquidity could be affected 1.
- Rising operating costsheadwind
Cumulative inflation over several years has increased product, labor, equipment and insurance costs 12. The company cannot always pass these costs on to customers 1.
- Geographic expansion and acquisitionstailwind
The Arrowrock acquisition and new distribution centers have widened territorial coverage, which could attract new customers among major manufacturers 12.
- Higher fuel and consumer pressuremixed
Higher fuel prices could reduce discretionary spending in stores, though the company is focused on strengthening its competitive position 2.
Competitive position
Competition in wholesale distribution is intense, with national and regional distributors operating in the same regions 1. Larger competitors compete mainly on price and product range, while smaller ones focus on customer service 1.
In retail, the company competes with specialty natural food chains, conventional supermarkets and online platforms that have expanded organic offerings 1. Amazon is named as a competitor in both segments 1.
- McLane Co., Inc.
National wholesale distributor named as a principal competitor in the wholesale segment 1.
- Performance Food Group
National distributor competing in the wholesale segment in the same regions 1.
- Whole Foods Market
Natural food chain competing in retail, part of a larger group pursuing a multi-channel strategy 1.
- AmazonAMZN
Online platform competing in both wholesale and retail through a multi-channel strategy 12.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report12 Aug 2026Other events · Financial statements and exhibits
- Quarterly report05 Aug 2026
- Current report05 Aug 2026Results of operations · Financial statements and exhibits
- Quarterly report20 Apr 2026
- Current report20 Apr 2026Results of operations · Financial statements and exhibits
- Current report10 Feb 2026Other events · Financial statements and exhibits
- Quarterly report20 Jan 2026
- Current report20 Jan 2026Results of operations · Financial statements and exhibits
- Current report18 Dec 2025Shareholder vote · Other events · Financial statements and exhibits
- Proxy statement18 Nov 2025
Sources
- [1] Form 10-K, fiscal year ended 2025-09-30 · SEC / AMCON Distributing Company · 07 Nov 2025
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / AMCON Distributing Company · 05 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / AMCON Distributing Company · 05 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.